UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934

For the month of August, 2007.

Comission File Number 001-32535

Bancolombia S.A.

(Translation of registrant’s name into English)

Calle 50 No. 51-66
Medellín, Colombia
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F þ                    Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(2): o

Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes o          No þ

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-                    .

 

 

UNCONSOLIDATED NET INCOME OF PS 69,149 MILLION FOR THE MONTH OF JULY 2007
TOTALING PS 426,437 MILLION FOR THE FIRST SEVEN MONTHS OF 2007*

Medellín, Colombia, August 9, 2007

Bancolombia S.A. (“Bancolombia”) reported unconsolidated net income of Ps 69,149 million during the past month of July.

During July, total net interest income, including investment securities amounted to Ps 155,896 million. Additionally, total net fees and income from services totaled Ps 55,921 million.

Total assets amounted to Ps 30.14 trillion, total deposits totaled Ps 19.06 trillion and BANCOLOMBIA’s total shareholders’ equity amounted to Ps 4.49 trillion.

BANCOLOMBIA’s (unconsolidated) level of past due loans as a percentage of total loans was 2.60% as of July 31, 2007, and the level of allowance for past due loans was 140.10% as of the same date.

On July 5, 2007, BANCOLOMBIA sold mortgage loans to Titularizadora Colombiana S.A. (“Titularizadora”) amounting to approximately Ps. 290,000 million. These mortgage loans were securitized by Titularizadora through the issuance of mortgage-backed securities called TIPS E-4.

Additionally, On July 24, 2007, BANCOLOMBIA concluded its public offering of preferred shares. As a result of the issuance the bank increased its equity in approximately Ps 927.6 billion (US$480 million).

Market Share

According to ASOBANCARIA (Colombia’s national banking association), BANCOLOMBIA’s market share of the Colombian financial system as of July, 2007 was as follows: 18.4% of total deposits, 21.0% of total net loans, 19.0% of total savings accounts, 21.4% of total checking accounts and 14.5% of total time deposits.

 

* This report corresponds to the unconsolidated financial statements of Bancolombia. The numbers contained herein are subject to review by the relevant Colombian authorities. This information has been prepared in accordance with generally accepted accounting principles in Colombia and is stated in nominal terms.

BANCOLOMBIA S.A.														Growth
BALANCE SHEET						As of								Jul07/Jun07								Annual
(Ps Millions)		Jul-06				Jun-07				Jul-07				$				%				%
ASSETS
Cash and due from banks			1.413.219				1.894.783				1.547.506				-347.277				-18,33	%			9,50	%
Overnight funds sold			23.684				494.651				570.413				75.762				15,32	%			2308,43	%
Total cash and equivalents			1.436.903				2.389.434				2.117.919				-271.515				-11,36	%			47,39	%
Debt securities			5.150.105				3.718.886				4.220.900				502.014				13,50	%			-18,04	%
Trading			2.432.651				1.674.978				2.060.990				386.012				23,05	%			-15,28	%
Available for Sale			1.474.103				973.651				1.088.385				114.734				11,78	%			-26,17	%
Held to Maturity			1.243.351				1.070.257				1.071.525				1.268				0,12	%			-13,82	%
Equity securities			923.390				961.667				1.023.736				62.069				6,45	%			10,87	%
Trading			2.822				5.602				65.684				60.082				1072,51	%			2227,57	%
Available for Sale			920.568				956.065				958.052				1.987				0,21	%			4,07	%
Market value allowance			-39.548				-29.833				-29.851				-18				0,06	%			-24,52	%
Net investment securities			6.033.947				4.650.720				5.214.785				564.065				12,13	%			-13,58	%
Commercial loans			12.067.559				15.223.340				15.786.275				562.935				3,70	%			30,82	%
Consumer loans			2.318.226				3.068.543				3.288.415				219.872				7,17	%			41,85	%
Small business loans			92.700				112.840				110.069				-2.771				-2,46	%			18,74	%
Mortgage loans			1.776.095				2.031.531				1.857.966				-173.565				-8,54	%			4,61	%
Allowance for loans and financial leases losses			-567.422				-720.858				-764.192				-43.334				6,01	%			34,68	%
Net total loans and financial leases			15.687.158				19.715.396				20.278.533				563.137				2,86	%			29,27	%
Accrued interest receivable on loans			164.734				234.818				246.801				11.983				5,10	%			49,82	%
Allowance for accrued interest losses			-8.316				-10.562				-14.966				-4.404				41,70	%			79,97	%
Net total interest accrued			156.418				224.256				231.835				7.579				3,38	%			48,22	%
Customers’ acceptances and derivatives			170.812				237.090				273.863				36.773				15,51	%			60,33	%
Net accounts receivable			205.880				365.428				380.353				14.925				4,08	%			84,74	%
Net premises and equipment			344.080				375.485				388.117				12.632				3,36	%			12,80	%
Foreclosed assets			21.654				13.185				14.284				1.099				8,34	%			-34,04	%
Prepaid expenses and deferred charges			47.352				30.324				39.768				9.444				31,14	%			-16,02	%
Goodwill			51.687				26.336				24.032				-2.304				-8,75	%			-53,50	%
Other			464.749				256.118				260.038				3.920				1,53	%			-44,05	%
Reappraisal of assets			653.258				896.405				916.541				20.136				2,25	%			40,30	%
Total assets			25.273.898				29.180.177				30.140.068				959.891				3,29	%			19,25	%
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES
DEPOSITS
Non-interest bearing			3.427.251				3.895.143				3.957.638				62.495				1,60	%			15,48	%
Checking accounts			3.008.445				3.578.721				3.639.092				60.371				1,69	%			20,96	%
Other			418.806				316.422				318.546				2.124				0,67	%			-23,94	%
Interest bearing			12.477.946				14.715.170				15.107.140				391.970				2,66	%			21,07	%
Checking accounts			333.029				294.808				382.347				87.539				29,69	%			14,81	%
Time deposits			3.250.515				4.096.939				4.074.363				-22.576				-0,55	%			25,35	%
Savings deposits			8.894.402				10.323.423				10.650.430				327.007				3,17	%			19,74	%
Total deposits			15.905.197				18.610.313				19.064.778				454.465				2,44	%			19,87	%
Overnight funds			1.564.576				1.685.057				820.153				-864.904				-51,33	%			-47,58	%
Bank acceptances outstanding			70.720				56.289				66.137				9.848				17,50	%			-6,48	%
Interbank borrowings			1.617.375				1.018.073				742.986				-275.087				-27,02	%			-54,06	%
Borrowings from domestic development banks			851.352				976.077				1.215.190				239.113				24,50	%			42,74	%
Accounts payable			588.171				1.239.422				1.663.221				423.799				34,19	%			182,78	%
Accrued interest payable			132.133				130.618				142.110				11.492				8,80	%			7,55	%
Other liabilities			255.483				271.966				274.945				2.979				1,10	%			7,62	%
Bonds			957.251				1.285.585				1.262.278				-23.307				-1,81	%			31,86	%
Accrued expenses			278.285				384.867				397.422				12.555				3,26	%			42,81	%
Total liabilities			22.220.543				25.658.267				25.649.220				-9.047				-0,04	%			15,43	%
SHAREHOLDER’S EQUITY
Subscribed and paid in capital			363.914				365.375				393.914				28.539				7,81	%			8,24	%
Retained earnings			1.550.447				1.824.365				2.748.153				923.788				50,64	%			77,25	%
Appropiated			1.228.943				1.467.077				2.321.716				854.639				58,25	%			88,92	%
Unappropiated			321.504				357.288				426.437				69.149				19,35	%			32,64	%
Reappraisal and others			1.136.288				1.355.357				1.375.533				20.176				1,49	%			21,05	%
Gross unrealized gain or loss on debt securities			2.706				-23.187				-26.752				-3.565				15,37	%			-1088,62	%
Total shareholder’s equity			3.053.355				3.521.910				4.490.848				968.938				27,51	%			47,08	%
Total liabilities and shareholder’s equity			25.273.898				29.180.177				30.140.068				959.891				3,29	%			19,25	%

BANCOLOMBIA S.A.										Growth												Growth
INCOME STATEMENT		Accumulated								Annual				Month								Month
(Ps Millions)		Jul-06				Jul-07				%				Jun-07				Jul-07				%
Interest income and expenses
Interest on loans			1.022.878				1.418.637				38,69	%			219.160				230.908				5,36	%
Interest on investment securities			(10.028	)			157.776				1673,35	%			31.108				14.961				-51,91	%
Overnight funds			15.649				28.458				81,85	%			4.632				4.228				-8,72	%
Total interest income			1.028.499				1.604.871				56,04	%			254.900				250.097				-1,88	%
Interest expense Checking accounts			4.474				9.717				117,19	%			1.439				1.319				-8,34	%
Time deposits			122.572				150.554				22,83	%			23.582				26.814				13,71	%
Savings deposits			136.077				249.676				83,48	%			37.160				40.136				8,01	%
Total interest on deposits			263.123				409.947				55,80	%			62.181				68.269				9,79	%
Interbank borrowings			65.429				46.174				-29,43	%			5.951				4.684				-21,29	%
Borrowings from domestic development banks			33.551				32.584				-2,88	%			5.183				5.897				13,78	%
Overnight funds			34.526				44.246				28,15	%			8.476				6.848				-19,21	%
Bonds			47.704				38.413				-19,48	%			8.501				8.503				0,02	%
Total interest expense			444.333				571.364				28,59	%			90.292				94.201				4,33	%
Net interest income			584.166				1.033.507				76,92	%			164.608				155.896				-5,29	%
Provision for loan and accrued interest losses, net			(98.682	)			(221.412	)			124,37	%			(48.347	)			(50.708	)			4,88	%
Recovery of charged-off loans			36.060				38.905				7,89	%			4.782				9.864				106,27	%
Provision for foreclosed assets and other assets			(18.060	)			(12.179	)			-32,56	%			(1.961	)			(1.293	)			-34,06	%
Recovery of provisions for foreclosed assets and other assets			58.916				39.394				-33,14	%			23				2.955				12747,83	%
Total net provisions			(21.766	)			(155.292	)			613,46	%			(45.503	)			(39.182	)			-13,89	%
Net interest income after provision for loans and accrued interest losses			562.400				878.215				56,15	%			119.105				116.714				-2,01	%
Commissions from banking services and other services			46.227				52.165				12,85	%			8.087				10.040				24,15	%
Electronic services and ATM’s fees, net			50.201				40.798				-18,73	%			6.404				6.375				-0,45	%
Branch network services, net			30.705				56.147				82,86	%			8.018				8.131				1,41	%
Collections and payments fees, net			39.688				61.318				54,50	%			9.404				9.409				0,05	%
Credit card merchant fees, net			5.043				11.965				137,26	%			712				1.736				143,82	%
Credit and debit card fees, net			139.734				141.638				1,36	%			22.648				21.942				-3,12	%
Checking fees, net			34.230				38.162				11,49	%			5.414				5.351				-1,16	%
Check remittance, net			6.476				5.888				-9,08	%			842				864				2,61	%
International operations, net			15.511				18.623				20,06	%			2.729				2.321				-14,95	%
Total fees and other service income			367.815				426.704				16,01	%			64.258				66.169				2,97	%
Other fees and service expenses			(41.721	)			(55.772	)			33,68	%			(8.944	)			(10.248	)			14,58	%
Total fees and income from services, net			326.094				370.932				13,75	%			55.314				55.921				1,10	%
Other operating income
Net foreign exchange gains			99.717				(61.254	)			-161,43	%			28.029				(4.684	)			-116,71	%
Forward contracts in foreign currency			(26.747	)			123.116				560,30	%			(19.893	)			16.226				181,57	%
Gains(Loss) on sales of investments on equity securities			43.128				(13.208	)			-130,63	%			—				—				*
Gains on sale of mortgage loan			—				857				*				—				857				*
Dividend income			128.571				122.098				-5,03	%			—				31				*
Communication, rent payments and others			921				819				-11,07	%			108				117				8,33	%
Total other operating income			245.590				172.428				-29,79	%			8.244				12.547				52,20	%
Total income			1.134.084				1.421.575				25,35	%			182.663				185.182				1,38	%
Operating expenses
Salaries and employee benefits			312.547				350.430				12,12	%			53.053				49.088				-7,47	%
Bonus plan payments			6.021				23.099				283,64	%			2.308				2.715				17,63	%
Compensation			2.211				11.497				419,99	%			837				1.825				118,04	%
Administrative and other expenses			359.865				444.046				23,39	%			62.581				59.258				-5,31	%
Deposit security, net			30.623				23.948				-21,80	%			3.462				3.454				-0,23	%
Donation expenses			102				257				151,96	%			33				32				-3,03	%
Depreciation			42.521				43.497				2,30	%			8.511				3.564				-58,12	%
Total operating expenses			753.890				896.774				18,95	%			130.785				119.936				-8,30	%
Net operating income			380.194				524.801				38,04	%			51.878				65.246				25,77	%
Merger expenses			14.090				—				*				—				—				0,00	%
Goodwill amortization			14.291				16.131				12,88	%			2.304				2.304				0,00	%
Non-operating income (expense)
Other income			128.294				52.005				-59,46	%			5.223				7.728				47,96	%
Other expense			(90.125	)			(25.406	)			-71,81	%			(1.869	)			(2.163	)			15,73	%
Total non-operating income			38.169				26.599				-30,31	%			3.354				5.565				65,92	%
Income before income taxes			389.982				535.269				37,25	%			52.928				68.507				29,43	%
Income tax expense			(68.478	)			(108.832	)			58,93	%			(12.406	)			642				-105,17	%
Net income			321.504				426.437				32,64	%			40.522				69.149				70,65	%

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.